Monday, March 20, 2023

New CEO says Silicon Valley Bank is ‘business as usual’ – Usky News

Silicon Valley Banknew boss of Tim Mayopoulos It told customers on Monday the lender was open and conducting business as usual, according to a letter seen by Reuters.
earlier in the day US Federal Deposit Insurance Corporation former fannie mae head taped myopoulos Named as the CEO of the newly created entity Silicon Valley Bank NASVB’s collapse followed regulatory takeover, crippling stocks and raising concerns of a contagion in global markets.
The regulator had transferred all deposits of the Silicon Valley bank to this newly created bridge bank and said all depositors would have access to their money from Monday morning.
Myopoulos said in a letter to customers that the bank will provide more information as it becomes available.
“I look forward to getting to know Silicon Valley Bank customers… I also come to this role with experience in these types of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis Mayopoulos added in the letter.


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